What is the difference between a legal entity and a legal person?
A natural person is a human. A legal person is a company or person.
What is pre incorporation contract?
Pre-incorporation contracts may include agreements between the parties as to who will hold control, what capital is to be invested, how will shares be protected, who can be employed, which inventions/trademarks/copyrights are to be sold to the company, etc.
Appropriation of money for the army can be only for a period of how many years?
it is for 2 years stated in the Constitution
Article 1, Section 8, Clause 12
How a private limited company formed?
A hybrid entity, usually used where the company is formed for non-commercial purposes, but the activities of the company are partly funded by investors who expect a return. This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist.
What is meant by an organisation being a separate legal entity?
Legal entity is a status of a company where the law sees the biz as separate and distinct from the owners. They enjoy legal personality. The business is a corporate citizen on its own and activities are carried out under its own name. It can sue or be sued under it's own name and there's nothing to do with the owners.
What is the Virginia capital gains tax rate?
At this time August 8 2010 for the sale of a personal asset (non-business) the below enclosed information would apply to a long term capital gain on the sale of a PERSONAL ASSET.
Sale of a business asset will be different.
Only the amount of long term capital gains plus your other taxable income that stay within your income limit for your filing status will qualify for the zero percent LTCG. You will use the Schedule D Tax Worksheet in the instruction book of the schedule D page 10 for this purpose.
$32,550 if single or married filing separately
$65,100 if married filing jointly or qualifying widow(er) or
$43,650 if head of household
For more information and details go to the IRS.gov web site and use the search box for 2009
Instructions for Schedule D (2009) go to page 10 for the Schedule D Tax Worksheet
Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2009 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates. There are three exceptions:
Go to the IRS.gov web site and use the search box for Topic 409 Capital Gains and Losses
Requires collective decision-making.
What questions can a previous employer legally answer?
Those that are job related. For example an employer may not comment about an employee's or former employee's sexual orientation.
How is a general partnership usually established?
Partners in a general partnership share equally in both responsibility and liability. Many of the same kinds of businesses that operate as sole proprietorships could operate as general partnerships.
Can an Subchapter S Corporation own a C Corporation?
Yes, it is called a QSub or Qualified Subchapter S Subsidiary. It must meet the requirements delineated in the code and regulations, and make the proper election. This allows for two seperate corporate entities, which is often desirable for legal purposes. For tax purposes, the activity of the QSub is combined with the parent on one tax return, so they are essentially a single entity for tax purposes.
When is the veil of incorporation lifted?
answers creditted to Mike Griffiths - Principal Lecturer in Law, Kensington Business School
simply i can say that the creation of agency requires many rules and regulations, thus, to create an agency we have to know basis requiremenst that will guide us the most to complete the whole management staffs, its not necessary to catch all things and set up an agenvy which is less valuable and not much demanded by today market
What is the primary difference between limited liability and unlimited liability?
The difference between being able to keep some things if you owe a large amount of money in a judgement and having everything you own confiscated to pay debts.
If you have limited liability - like in a corporation - the maximum liability is the amount paid in for shares (or the amount owed if they haven't paid the full value of them), you are not liable for any debts owed by the corporation even if its assets can't pay all of them.
If you have unlimited liability - like in a sole proprietorship or a partnership - you're on the hook for everything you own to cover debts for the business. Say one of your employees hits someone with your truck, and you don't have enough insurance. The person can enforce a judgement by having your car, your house, your savings and everything you own seized and sold until it is satisfied or you are bankrupt.
What is a good sentence with the word incorporation?
Even when the people of the city left, and the buildings toppled over, she knew she would always be able to see the incorporation, where all of her troubles began, when she sat on Bear Hill, and overlooked the rubble.
Absolutely, this is done quite frequently in business's. Notice how some company's are called divisions or subsidiary of other companies, well that's because they are separate corporations owned by different corporations. The true owner is the person, or entity that owns 100% of the stock of the company. Prime example is Bank of America, each branch is incorporated but solely owned by the main corporation.
How do you find out who owns a California corporation?
Usually Corporations are -LIMITED COMPANIES-and the usual place to start a search of this kind would be with the -COMPANIES REGISTRAR- one is usually present in every City who keep records of all Company/Corporations Directors,secretaries,last audited accounts etc.
Also,have you tried phoning the receptionist?
[syed Amir]
What are disadvantages and advantages of registering unlimited company as limited?
The advantages are the customer will trust you more. The disadvantages are that you will have to keep up with stringent standards.
limited partnership a+
What is a partnership where all partners are limited partners called?
Limited partnerships (LPs) and limited liability partnerships (LLPs) are both businesses with more than one owner, but unlike general partnerships, limited partnerships and limited liability partnerships offer some of their owners limited personal liability for business debts.
In limited partnerships (LPs), at least one of the owners is considered a "general" partner who makes business decisions and is personally liable for business debts. But LPs also have at least one "limited" partner who invests money in the business but has minimal control over daily business decisions and operations. The advantage for these limited partners is that they are not personally liable for business debts.
The limited liability partnership (LLP) is a similar business structure but it has no general partners. All of the owners of an LLP have limited personal liability for business debts.
In order to better understand LPs and LLPs, it's helpful to compare them to general partnerships.
What are the main objectives of SAARC?
The principles are:
Why do company incorporate their company in Delaware?
Delaware has historically done a very good job at enacting business statutes which meet the needs of modern businesses. Delaware was one of the first states to enact LLC and has continued to evolve its laws. For example, Delaware was the first state to create the Series LLC.
However, as appealing as a Delaware LLC can be in some cases, most states have adopted flexible LLC statutes and usually it makes more sense for a small business to form an LLC in the state where it will be doing business.
What is the difference of a President vs a COO in a small corporation?
CEO (Chief Executive Officer) - Is charged with managing the executive team and is thus accountable for the successes and failures of the entire company. Everything a company does has to be broken down into manageable tiers or tangents of responsibility. It is the job of the CEO to make sure that the directives of the board are carried out such that the goals of the company and the image of the company are met in a reasonable amount of time.
COO (Chief Operating Officer) - Is charged with maintaining the companies structure and size. Reports to the CEO and has to be involved with all aspects of the CEO's job in order to advise and make decisions that are within the scope of ability or to make changes that will allow the company to reach new thresholds. COO must work closely with the CFO in order to ensure budgets can handle change when making any adjustments within the operation.
Not all companies are large enough to need someone in both roles. Often times a person who is labeled a CEO might do a job that seems a lot more like the job of the COO. Example: a small distribution company with a single location might have a CEO/Owner who's sole function is to ensure that the operations run smoothly day in and day out.
In contrast a multi-location advertising firm needs CEO - COO - Location managers and several other executives to absorb all of the duties and different fields of expertize in order to maintain itself. The COO is in charge of managing the companies locations and the main hub so that all needs are met.
It is the job of the board in larger companies and the owner in smaller companies to decide which of these positions are needed if any at all.
Total or Mechanical Incorporation (sometimes also called complete incorporation), which was championed by Justice Hugo Black. The US Supreme Court uses "selective incorporation," however.
For more information, see Related Questions, below.